Russian President Vladimir Putin will be visiting India for the first time since the Russia-Ukraine conflict began in 2022. His visit begins on December 4-5. The world will be watching Putin's visit. This visit is sure to inject new energy into the long-standing relationship between India and Russia. While Russia seeks India's diplomatic support amid the conflict in Ukraine, India is also focusing on meeting several key needs through Russia, including trade and defense agreements.
1. Major emphasis on trade
Currently, Western countries have imposed severe economic sanctions on Russia due to the Russia-Ukraine conflict. As a result, Russia now has very few trading allies. However, even in this difficult situation, India remains an importer and exporter of Russia's oil and many other products. This situation persists even as India faces a 50% tariff from the United States on trade with Russia.
Even in this situation, when the Russian President begins his visit to India, his focus will be on a trade agreement between the two countries. Putin's press secretary, Dmitry Peskov, has already stated that despite some countries attempting to create obstacles in India-Russia relations, India and Russia are striving to increase bilateral trade to $100 billion in the next five years.
II) Efforts to Establish a Rupee-Ruble Trade Mechanism
Russia recently announced its intention to establish a mechanism to protect its trade with India from external influence. Under this framework, the Kremlin plans to create an architecture whereby both countries will transact exclusively in their own currencies, eliminating the use of the dollar. This mechanism will also apply to products other than oil.
Putin himself, while addressing the VTB Investment Forum before his visit to India, stated that his discussions with PM Modi would focus on increasing imports from India. This means that Russia will now strive to become an equal buyer of Indian goods. As part of this, Putin will also participate in the India-Russia Business Forum in New Delhi, where discussions will be held on increasing trade and investment.
According to a report, Russia wants to ensure a significant market for Indian producers, which will enhance industrial cooperation between the two countries. Furthermore, both countries will be able to work on joint projects, which will be helpful in developing high-tech technologies. Russia is also trying to attract Indian human resources to its country.
III). Oil is the biggest issue for India
As for India, Russia's initiatives are most likely to gain new markets. However, purchasing oil from Russia will remain a major issue for India. This is due to the additional 25 percent tariff imposed by the United States, which has brought India's total import duty to 50 percent. India hopes that Russia will address its concerns regarding oil purchases. According to government sources, Putin's delegation will include officials from Russian oil firms Rosneft and Gazpromneft. Both firms are subject to US sanctions, forcing India to reduce its oil purchases from Russia. Putin himself will likely attempt to resolve the issue of Russia's oil exports.
Some reports suggest that the Indian government may propose a 20 percent stake for ONGC Videsh Limited in the ongoing Sakhalin-1 oil and gas exploration project in Russia's Far East.
Gold and silver reached new all-time highs in the international market on Friday. A weaker US dol
A war is currently raging between the United States, Israel, and Iran. Amidst the ongoing war, th
For a hero, not only do excellent acting skills matter, but also their physical appearance. But w
Congress has filed a notice of no-confidence motion against Lok Sabha Speaker Om Birla. 118 MPs h
Ahead of the Indian Premier League (IPL 2026) mini-auction, the BCCI has made a significant chang
Prime Minister Narendra Modi will embark on a three-nation tour starting today, December 15th. He
IND vs ZIM: Sunil Gavaskar issues a major warning to Team India ahead of the match against Zimbabwe.
Legendary batsman Sunil Gavaskar believes India should learn from the T20 World Cup match against
Delhi NCR Weather: Rain increases the chill in Delhi-NCR; IMD issues a yellow alert for today.
Amidst the biting cold, several areas of Delhi-NCR are experiencing rain, which has completely ch
Major terrorist attack in Pakistan: Explosive-laden vehicle rams into checkpost; 11 policemen killed
The Pakistani army said on Tuesday that eleven security personnel were killed in a terrorist atta
PM Modi spoke to Benjamin Netanyahu, stressing an early end to tensions
Prime Minister Narendra Modi chaired a meeting of the Cabinet Committee on Security (CCS), the hi
